China Life Insurance Singapore will provide financial support of up to SG$88,600 to its customers and employees in Singapore, amid the threat of the novel coronavirus (2019-nCoV).
For the insurer’s policyholders, it will provide a lump sum payment of SG$800 in case of diagnosis of 2019-nCoV and quarantine. If hospitalised, the insurer will provide SG$130 per day to pay for hospitalisation, for up to 60 days. In case the policyholder dies as a result of the viral infection, the insurer will provide a lump sum payment of SG$80,000.
For its employees, China Life Singapore will provide a lump sum payment of SG$8,000 upon diagnosis, as well as SG$80,000 in case of death.
According to the insurer’s statement the financial support campaign will last until whichever of the following dates comes first: 30 days after the Singapore government announces that the coronavirus outbreak ceases to be a health threat; August 31, 2020; or when the total amount of financial support payments disbursed under both schemes reaches SG$620,000.
“In this challenging time amidst the virus outbreak shrouded with uncertainties, it is critical that we as a life insurer do our part to serve the community by providing financial support to those affected by the coronavirus outbreak in Singapore,” said Lin Xiangyang, CEO of China Life Insurance Singapore.
“For this reason, we take this opportunity to thank them for their support since 2015 – this year being our fifth anniversary – by giving them the financial support of up to SG$88,600 during this period if any unforeseen event happens.”